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Date Published: 29/11/2023

Pensioners in Spain get a boost with a 3.8 per cent increase from January

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Retirees across Spain should see their monthly payments go up by around 50 euros

Pensioners in Spain get a boost with a 3.8 per cent increase from January

The latest Consumer Price Index (CPI) data published on Wednesday November 29 contains some great Christmas tidings for older people across Spain, with news that contributory pensions are set to increase by 3.8% next year.

Currently, the average benefit amounts to 1,198 euros per month and this new hike should see this increase by around 45.50 euros in 14 payments. With the overall annual cycle taken into account, pensions will go from 1,378 euros per month to 1,430.

However, as more of the so-called ‘baby boomers’ continue to enter the system with higher pensions in 2024, the averages are expected to rise somewhat more.

November’s CPI data has also raised the maximum contribution bases in line with inflation: this will increase from the current 4,495.50 euros to 4,720 next year, and represents the amount of a worker’s salary that is exempt from contributions.

In addition, non-contributory pensions where people haven’t paid into the Social Security system will also jump by 6.8%, entitling retirees to 517 euros per month in 14 payments (33 euros more than in 2023); The minimum vital income for an adult without dependents will rise to 604 euros per month in 12 payments (38 euros more) and the minimum contributory retirement pension with a dependent spouse will grow to 1,032 euros per month in 14 payments (66 euros more per month).

The purchasing power of pensioners has been protected by law since December 2021 , so that benefits are always revalued with inflation, and the government is expected to notify retirees about the benefit increases in January.

In other news: Pay in instalments for train tickets in Spain with Renfe

Image: Freepik

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